Common use of Duties of President and Chief Executive Officer Clause in Contracts

Duties of President and Chief Executive Officer. The President and Chief Executive Officer shall be employed by the Board of Directors as an officer of the Company and shall perform such duties as the Board of Directors may prescribe, and shall exercise such authority as the Board of Directors may from time to time vest in him or her. Under the direction of the Board of Directors, the President and Chief Executive Officer shall have general charge of the ordinary and usual business operations of the Company, including the purchasing, marketing and handling of all products and supplies handled by the Company. The President and Chief Executive Officer shall cause all money belonging to the Company that comes into his or her possession in the name of the Company to be deposited in a bank or other financial institution selected by the Board of Directors, and if authorized to do so by the Board of Directors, shall make all disbursements by check or electronic transfer of funds therefrom for the ordinary and necessary expenses of the business in the manner and form prescribed by the Board of Directors. On the appointment of his or her successor, the President and Chief Executive Officer shall deliver to said successor all money and property belonging to the Company which he or she has in his or her possession or over which he or she has control. The President and Chief Executive Officer shall be required to maintain the Company's records and accounts in such a manner that the true and correct condition of the Company's business may be ascertained therefrom at any time. The President and Chief Executive Officer shall render annual and periodic statements in the form and in the manner prescribed by the Board of Directors, and shall carefully preserve all books, documents, correspondence, and records of whatever kind pertaining to the business of the Company that may come into his or her possession. The President and Chief Executive Officer shall employ, supervise, and dismiss any or all officers or employees of the Company, except agents or counsel specifically employed by the Board of Directors. The President and Chief Executive Officer may designate employees of the Company as various vice presidents or assistant secretaries of the Company and define their duties and responsibilities as such officers of the Company.